(Bloomberg) -- A lack of power in Iceland has caused the island’s main utility, Landsvirkjun, to reduce supplies to some industrial customers, such as fish meal factories, aluminum smelters and data centers.
It’s also rejecting all power-supply requests from new clients mining electronic coins, the company said on Tuesday. Low hydro reservoir levels, a malfunction at a power station and a delay in obtaining power from an external producer led to the reduction, effective immediately, it said.
Iceland’s biggest electricity consumers are its giant smelters built decades ago to benefit from cheap power. A more recent entrant are cryptocurrency miners, lured in by the cheap electricity needed for mining new coins after demand and prices have skyrocketed. Hive Blockchain Technologies Ltd. from Canada, Hong Kong-listed Genesis Mining Ltd. and Bitfury Holding BV are among companies that have set up shop in the country.
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